Bitcoin has entered the make-or-break zone after the BTC price reached $38,000.
Bitcoin (BTC) surrounded a key level on Wall Street on November 16 after BTC's price action made a fresh attack against $38,000.
BTC price is in line with 18-month highs
Data from Cointelegraph Markets Pro and TradingView showed a quick turnaround for Bitcoin, which turned higher after heavy rain earlier in the week.
The daily chart thus prints a similar pattern to the one seen a week ago, with $38,000 still acting as firm resistance.
Now around $37,400, BTC/USD has been testing what analysts have highlighted as an important support zone to maintain.
Now in demand area $BTC 4Hprice
Bulls should pray here imo pic.twitter.com/trnnG1hU0D
— Skew Δ (@52kskew) November 16, 2023
The tracking resource commodity indicators show a speculative long signal on one of the proprietary trading indicators, the current price zone shows the difference between a further reversal and a bearish one.
“Trend Precognition shows that this rally may not be over yet. $40k comes into focus, but there are no guarantees that BTC will reach it this week. For me, a drop below $35,375 will destroy the value of #TradingSignals,” read a comment on X (formerly Twitter).
The initial boost came as US regulators extended a delay in deciding whether to approve various crypto exchange-traded funds (ETFs).
November saw a stream of rumors about the country's first Bitcoin spot price-based ETF in the form of a possible watershed moment.
While the delay kept uncertainty at bay, markets had no time for cold feet — a curious move that went unnoticed by popular trader Skew and others.
Take good game theory
It would make sense for spot EFAs to be approved first and hybrids (futures/spot) to be more regulated later.
All speculation but approved first https://t.co/luQH6AUGRS
— Skew Δ (@52kskew) November 15, 2023
Interest is open during the BTC price reversal.
Analyzing the composition of the market, meanwhile, associate trader and analyst Diane CryptoTrades argued that there is now a more compelling case to stay higher.
Related: $48K Is Now ‘Reasonable' BTC Price Target – DecenTrader's Filbfilb
This is thanks to lower open interest (OI) and funding rates compared to last week's highs.
Although the price is the same as last week, open interest is still much lower. The amount of money is also somewhat lower,” he wrote on the day.
I think we got a better and healthier base than when we were here last week.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
